The equation of exchange is a formula indicating that the number of monetary units times
A) the number of times each monetary unit is spent on final goods and services is identical to the price level times real GDP.
B) real GDP is identical to the price level times the number of times each monetary unit is spent on final goods and services.
C) nominal GDP is identical to the price level times the number of times each monetary unit is spent on final goods and services.
D) the price level is identical to the number of times each monetary unit is spent on final goods and services times real GDP.
Question 2
In order to get his bachelor's degree, Timothy gave up an offer for a full time job as a bartender. Therefore, Timothy incurred an opportunity cost.
Indicate whether the statement is true or false
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